Year 2020 onward registered tax payer having annual supplies less than or equal to 3,000,000 have to file quarterly VAT returns. However, NBR announced that (enterprises subject to VAT) VAT payers, whose annual supplies are less than BD 100,000 will be able to submit a simplified one-time VAT filing document annually to facilitate approval procedures.
The announcement made by NBR is based on a decision made by the Cabinet during its meeting on 23 December 2019, aimed at facilitating VAT filing procedures for smaller enterprises.
The NBR will provide the public with information on the procedures needed to submit an annual one-time VAT filing document soon.
The NBR stressed the importance of meeting the VAT filing deadlines and maintaining all records supporting their filing submissions sent to the NBR. The NBR noted that cooperation is of utmost importance to ensure the thorough awareness and success of the various stages of the VAT application processes.
The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn't constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn't accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided herein above.